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Employees who volunteer for the program will receive four weeks of pay for every year of service, capped at two full years of base pay.

Those eligible will be notified in February, and have until April to apply. They'll be informed in May if they are accepted. The first wave of employees will leave on May 31, the last day of FedEx's fiscal year. FedEx, which is based in Memphis, Tenn., is responding to a slow-growing global economy. It also plans shed aircraft and underused assets to cut costs.

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